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Likely costs of the 2012 London Olympics have now soared to £10billion, it was claimed today.

The bill for the Games is now thought to have quadrupled from original estimates.

Key figures from the International Olympic Committee are flying into London today to discuss rising concerns about the surge in costs.

London taxpayers may now be asked to bear an extra £1.6billion burden for the Games – double what they are already likely to pay.

Alternatively, the money could be taken from the National Lottery.

This could still leave an extra £6billion to be found from the Exchequer, to pay for security, regeneration, contingencies and VAT.

The new cost estimates £2billion for regeneration of East London around the proposed Olympic Park.

At least £1billion will now be needed for security, especially after the July 7 London bombings, Olympic sources told the London Evening Standard.

When London submitted its Olympic bid, the original budget was set at £2.375billion.

British Olympic legend Sir Steve Redgrave today voiced his worries and urged the Government to end speculation about the increasing costs.

The five-times Olympic champion rower said: “I have found it frustrating and I will be very satisfied when we will get to a point where they say ‘this is the budget, this is the money we have got to spend’.

“If you were building a house or an extension you would have a budget to spend. I think the British public would prefer that.”